Tuesday, May 20, 2008

Megabubble waiting for new president in 2009

This update of a story originally published May 19 fixes the title of Kevin Phillips book "Bad Money: Reckless Finance, Failed Politics & the Crisis of American Capitalism."

ARROYO GRANDE, Calif. (MarketWatch) -- Excerpted

2009 Sequel: Script exposes diabolical cover-up conspiracyFlash forward: Real life, Washington, new leaders, a new Congress, old wizardry. Be forewarned: No matter who's elected president, America will soon see a massive statistical curtain pulled back, exposing a con game of historic proportions. And when that happens, you and I will suffer another ear-splitting global meltdown, bigger than today's housing-credit crisis, dragging us deep into a recession and bear market for years.

Cast: New 'leading man' from old Nixon political machineYes, the lead character pulling back the curtain is none other than Kevin Phillips, a former Republican strategist for Nixon, and today America's leading political historian. Phillips just published "Bad Money: Reckless Finance, Failed Politics & the Crisis of American Capitalism," everything you need to know about today's credit meltdown.

Scene 1: Numbers racket hiding behind Washington curtain

Scene 2: Statistics, Washington's new WMDs, a time bomb

Scene 3: Backflash, 'It's always the cover-up, stupid!'

Scene 4: Real numbers torture us ... like water-boarding!How bad is it? "The real numbers ... would be a face full of cold water," says Phillips. "Based on the criteria in place a quarter century ago, today's U.S. unemployment rate is somewhere between 9% and 12%; the inflation rate is as high as 7% or even 10%; economics growth since the recession of 2001 has been mediocre, despite the surge in wealth and incomes of the superrich, and we are falling back into recession."

Scene 5: Most economists hushed, work inside conspiracy

Scene 6: No integrity, they cannot be trusted to tell truth!The same can be said of any government report, every speech made by today's leaders: All hype, lies and propaganda intended to deceive us. d for everyone to drink

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"We have before us the opportunity to forge for ourselves and for future generations a new world order, a world where the rule of law, not the rule of the jungle, governs the conduct of nations. When we are successful, and we will be, we have a real chance at this new world order, an order in which a credible United Nations can use its peacekeeping role to fulfill the promise and vision of the U.N.'s founders." - President George Bush 1991

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